Where is best to hold £135000 for 4 months?

geochr

Does anyone have any advise on what to do with this large sum of money. My house has just sold and I have bought another house (new build). The time between moving out of current house and my new house being ready is likely to be around 4 months. Once my current mortgage and fees have been paid it will leave around £135K in equity for a deposit on my new house. My solicitor has said that they could hold the funds for the 4 months but surely it would make financial sense for me to 'hold' the funds. My own current account pays only 0.05% interest but that would still make better financial sense to me than my solicitor holding it? Bearing in mind the £85000 government protection, does anyone have any advice what to do. Thank you

elephantrosie

if you want a simple way of doing it, then you can put everything into hsbc accounts as it is a solid bank (i used to do it and i had way above the protection value as well)

if you have more time to kill, then divide them into two or few parts and deposit into different banks.

xylophone

You can hold a protected temporary high balance

https://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-about-temporary-high-balances/

http://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html


You could safely hold the lot in NS&I indefinitely. Income Bonds might suit.

https://www.nsandi.com/our-products